EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Opus Bank

NEW YORK--(BUSINESS WIRE)--

Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Opus Bank securities OPB from July 28, 2014 through October 17, 2016, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for Opus Bank investors under the federal securities laws.

To join the Opus Bank class action, go to the firm's website at http://rosenlegal.com/cases-973.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for more information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) certain of Opus Bank's loans were of poor quality; (2) Opus Bank was over-representing the quality of the loans to the public; (3) Opus Bank failed to properly account for the loans in violation of Generally Accepted Accounting Principles; (4) in turn, Opus Bank would be forced to recognize large charge-offs associated with the loans; (5) Opus Bank lacked adequate internal controls over accounting and financial reporting; and (6) as a result, defendants' statements about Opus Bank business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 27, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm's website at http://rosenlegal.com/cases-973.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

View source version on businesswire.com: http://www.businesswire.com/news/home/20161027006411/en/